Japanese cosmetics and drugs retailer Matsumoto Kiyoshi recently opened its first store in downtown Ho Chi Minh City, covering 274 square meters and featuring over 6,000 items of functional foods and beauty products. There are several products available exclusively at the store, such as Blanc White and Argelan.
With this move, Vietnam became the third foreign market in the Japanese retailer’s expansion strategy, after Thailand and Taiwan.
The company has plans to launch another 10-15 stores in Vietnam in the next five years as Vietnamese consumers tend to be fond of cosmetics products and functional foods from Japan.
Last year, Matsumoto Kiyoshi signed a joint venture deal with the Ho Chi Minh City-based Lotus Food Group to establish the company in Vietnam with a registered capital of USD 1.35 million. The Lotus Food Group was chosen as a partner for having extensive experience in the local market on food processing, trading, and distribution.
(Sources: Vietnam Economic Times; Vietnam News; Vietnam Insider)